« previous next »

Author Question: A perfectly competitive firm in the short-run maximizes its profit by producing the output where: ... (Read 94 times)

dejastew

  • Hero Member
  • *****
  • Posts: 562
on: Jun 30, 2018
A perfectly competitive firm in the short-run maximizes its profit by producing the output where:
 a. marginal cost equals price.
  b. marginal cost equals marginal revenue.
  c. total revenue minus total cost is at a maximum.
  d. all of these.

Question 2

If a good is inferior in an economic sense, income elasticity will:
 a. be less than one.
  b. exceed one.
  c. be zero.
  d. be inelastic.
  e. be negative.


nikmaaacs

  • Sr. Member
  • ****
  • Posts: 335
Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

e


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

Persons who overdose with cardiac glycosides have a better chance of overall survival if they can survive the first 24 hours after the overdose.

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

People with high total cholesterol have about two times the risk for heart disease as people with ideal levels.

Did you know?

Patients who have been on total parenteral nutrition for more than a few days may need to have foods gradually reintroduced to give the digestive tract time to start working again.

A 3-tonne (3.0-long-ton; 3.3-short-ton) great white shark off Isla Guadalupe A 3-tonne (3.0-long-ton; 3.3-short-ton) great white shark off Isla Guadalupe
Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ... Neck stretch. Rest the receiver’s head on the palm of your right hand, taking a firm hold on the ...
Lineweaver–Burk plots of the reactions with and without a competitive inhibitor Lineweaver–Burk plots of the reactions with and without a competitive inhibitor
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
A basic strategy for producing a knockout mouse A basic strategy for producing a knockout mouse
Calculator Output Calculator Output
Video: Hormonal feedback loop components & Glucagon (glycogenolysis and gluconeogenesis)

For a complete list of videos, visit our video library